Vancouver, British Columbia--(Newsfile Corp. - April 15, 2021) - The global biophotonics market size is expected to reach USD 118.89 Billion in 2027 at a CAGR of 11.7% during the forecast period, according to a current analysis by Emergen Research. Rapid developments in optical technologies, rising research and development activities, and increasing demand for early diagnosis are key factors expected to drive market revenue growth over the forecast period. Progress in the field of applied sciences, growing demand for home-based point-of-care devices, and increasing geriatric population worldwide are some other key factors expected to fuel revenue growth of the market going ahead.
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Biophotonics is a combination of biology and photonics that uses photons or light to image, identify, and engineer biological materials. It also enables surgeons to observe the internal workings of tissues and cells. Incorporation of biophotonics in interventional procedures such as endoscopy has paved the way for new opportunities for improved and timely diagnosis and characterization of diseases. This is expected to contribute significantly to revenue growth of the market over the forecast period. Recent progress in biophotonics research has created new applications for clinical diagnostics and therapies that involve tissues, cells, and fluids. This has enabled researchers and physicians to develop superior and non-invasive diagnostic procedures and this is expected to fuel revenue growth of the market over the forecast period.
The advent of new optical masers and their use in microscopy enables efficient high-resolution imaging and measurement of distinct molecules and tissues. This has boosted its application in healthcare industry and is expected to drive market growth over the forecast period. However, low rate of acceptance of this technology and rising issues surrounding sensitivity, credibility, and quality of products offered are expected to restrain market growth to a certain extent over the forecast period.
Some Key Highlights from the Report:
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For the purpose of this report, Emergen Research has segmented the global biophotonics market on the basis of technology, application, end-use, and region:
Technology Outlook (Revenue, USD Billion; 2017-2027)
Application Outlook (Revenue, USD Billion; 2017-2027)
End-Use Outlook (Revenue, USD Billion; 2017-2027)
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Regional Outlook (Revenue, USD Billion; 2017-2027)
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